Nareshv and Associates

Income tax audit

Expert assistance at your fingertips

Steps

1. Fill out the Form

Filling out the form is quick and easy and will provide you with numerous benefits in the long run. By this, you will be able to get consultation from ournareshv & associates CA/CS and will be able to get Guidance. So, why wait? Take the first step towards a bright future for your business and fill out the form today.

2. List of Documents Required

Required Documents for Income Tax Audit

Basic KYC Documents of Company/Auditee

All Bank Account Statments

Accounting Records of Firm/Company

Cash Book, Voucher Book, Sales/Purchase Book

Expense Book, Declarations, Capital Accounts

GST Returns, TDS Returns, other compliance evidances

3. Registration Procedure

Income Tax Audit Procedure (Step to Step Audit Process)

Step-1 : Send us documents

Firstly, Connect with us and send us required document on Physical, whatsapp or email.

Step-2 : Checking

On Receiving Documents Chartered Accountant Performing Audit procedure. will issue query list, which required to resolve by company.

Step-3 : Tax Audit Report

On Completion of Successful Tax Audit, Auditor will file/Upload the Income Tax Audit report to the government web site.

Step-4 : Report Upload

On Completion of Filing CA will Generate Audit Report with ITR and Other Notes to client.

4. Income Tax Audit Features and Criteria

Mandatory Tax Audit if Turnover is above 1 Crore

For Professional Rs. 50 Lacs is Limit for Tax Audit

Only Chartered Accountant in practice can do Audit

Audit required if Declared profit is below 8% if Turnover

Compulsory Audit if Professionals Declared Profit below 50%

Tax Audit Report Need to be furnish in form 3CA / 3CB & 3CD

5. What happens after an income tax audit?

After an income tax audit, the tax authorities will issue an audit report summarizing their findings and any adjustments or penalties assessed. The taxpayer can accept the report and pay any additional taxes, interest, or penalties owed, or they can contest the report through an appeals process.

Income Tax Audit

What is Tax Audit Service?

Income Tax Audit Service is carried by practising (CA) Chartered Accountant registered with Income Tax Department as a ARCA. Tax Audit is a verification and compliance process where Tax Auditor check and Verify books of accounts as per the Accountant Standards as well as Compliance verification as per The Income Tax Act 1962. Legal ADDA have more than 100 Chartered Accountant who assist our client in completing the compliance of section 44AB of The Income Tax Act, Commonly known as Tax Audit.

Frequently Asked Questions

1. What is the limit of tax audit?

The tax audit limit for Businesses is Rs. 1 crore.

The tax audit limit for profession is Rs. 50 lakhs.

2. How many tax audit reports a CA can sign?

The maximum number of tax audits that can be performed by a Chartered Accountant (CA) is limited to 60. In case of a firm the restriction on tax audit limit applies to each of the partners.

3. Why is tax audit required?

The primary aim of Tax Audit is to ensure that the books of Accounts have been maintained as per the provisions of the Income Tax Act. Tax Audit also assures that the Accounts are properly presented to the Assessing Officers.

4. What happens if you get audited and auditor finds a mistake?

If there is any error in the books of accounts, generally it gets corrected by the CA. In case there is any mistake then penalty will be charged which may lead to paying of more tax amount.

5. What happens if I get audited and don’t have receipts?

While auditing if you do not have any receipt, the auditor may accept any other documentation and in case you fail to present the same the auditor will not accept the entry in the books of accounts.